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Wednesday, 24 March 2021

Also on our Radar on 24 March 2021

A syndicate of domestic banks has agreed to almost double the value of a loan taken on by the Saudi Egyptian Construction Company to fund several projects, mainly in New Damietta, according to CEO Mohamed Taher. The company will now borrow EGP 1.5 bn, up from EGP 800 mn previously, to allow it to complete construction, he said.

President Abdel Fattah El Sisi met with Alstom CEO Henri Poupart Lafarge on Monday, with the latter saying the company — which has several ongoing rail projects in Egypt — would be adding jobs here as it looks to “expand its activities,” including through participation in national megaprojects, Ittihadiya said (pdf).

Other things we’re keeping an eye on this morning:

  • Utopia Pharma is slated to start production at its new EGP 550 mn plant in 10th of Ramadan City before year-end.
  • The Middle East Oil Refinery plans to complete its USD 2.3 bn expansion project in 1Q2022, which will increase its refinery’s production capacity by 60%.
  • Elsewedy Industrial Development, the Industrial Development Group and Polaris International Industrial Parks will upgrade five industrial areas in Cairo, Qena and Sohag in line with sustainable development principles after signing partnership agreements with German development agency GIZ.
  • Dice has appointed the Economic Group for Financial Consulting to conduct a fair value assessment of the company by 20 April, after Dice’s shares plunged 55% between 22 February and 22 March.
  • Egypt’s wheat imports are expected to rise 1.53% y-o-y to reach 13.2 mn metric tonnes in MY2021-2022 compared to the previous year, according to a report from the US Department of Agriculture.
  • The Central Bank of Egypt has extended (pdf) the exclusion period for imports of some basic food commodities, namely rice, lentils and fava beans, from their 100% cash cover for one year until 15 March 2022.

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